We investigated the exercise-induced changes in the serum concentration of several minerals in horses. Four welltrained Thoroughbred horses performed exercise for 5 d. The blood hemoglobin (Hb) concentration increased during exercise, recovered to the pre-exercise level immediately after cooling down and did not change again up till the end of experiment. The changes in serum zinc (Zn) and copper (Cu) concentrations were similar to those of blood Hb during the experiment. The serum magnesium (Mg), inorganic phosphorus (Pi) and iron (Fe) concentrations also increased during exercise. Though the serum Pi concentration recovered to the pre-exercise level immediately after the cooling down, it decreased further before the end of the experiment. The serum Mg concentration was lower immediately after cooling down than its pre-exercise level but gradually recovered from the temporal reduction. The recovery of the serum Fe concentration was delayed compared to that of other minerals and recovered 2 h after cooling down. The serum calcium (Ca) concentration did not change during exercise but rapidly decreased after cooling down. As a result, it was lower immediately after cooling down than its pre-exercise level. It recovered, however, to the pre-exercise level 2 h after cooling down. The temporal increase in the serum concentrations of all minerals except Ca is considered to result from hemoconcentration induced by exercise and the stable concentration of the serum Ca during exercise is possibly due to its strict regulation of homeostasis. These results indicate that the serum concentration of each mineral responds differently to exercise in horses, which may be due to the difference in metabolism among these minerals.